! Required information [The following information applies to the questions displayed below.] Hemming Company reported the following current-year purchases and sales for its only product. Date January 1 January 10 March 14 March 15 Activities Beginning inventory Sales Purchase Sales Purchase July 30 October 5 Sales October 26 Purchase Totals 340 units Units Acquired at Cost 225 units @ $11.00 = @ $16.00 = Units Sold at Retail $ 2,475 150 units @ $41.00 5,440 300 units @ $41.00 425 units @ $21.00 = 8,925 395 units @ $41.00 125 units 1,115 units @ $26.00 = 3,250 $ 20,090 845 units Required: Hemming uses a perpetual inventory system. 1. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. 2. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. 3. Compute the gross profit for FIFO method and LIFO method. Required 1 Required 2 Required 3 Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Goods Purchased Date # of units Cost per unit # of units sold Perpetual FIFO: Cost of Goods Sold Cost per unit Cost of Goods Sold # of units Cost per unit Inventory Balance Inventory Balance January 1 225 at $ 11.00 = $ 2,475.00 January 10 150 at $11.00 = $ 1,650.00 75 at $ 11.00 = $ 825.00 340 at $ 16.00 at $ 11.00 March 14 at $ 16.00 Total March 14 March 15 Total March 15 July 30 Total July 30 October 5 Total October 5 October 26 Totals 425 at $ 21.00 125 at $ 26.00 at $ 21.00 at $ 26.00 $ 1,650.00 Required 1 Required 2 Required 3 Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Goods Purchased Perpetual LIFO: Cost of Goods Sold Date # of units Cost per # of units unit sold unit Cost per Cost of Goods Sold # of units January 1 January 10 March 14 Total March 14 March 15 Total March 15 July 30 Total July 30 October 5 Total October 5 Inventory Balance Cost per unit Inventory Balance Required: Hemming uses a perpetual inventory system. 1. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. 2. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. 3. Compute the gross profit for FIFO method and LIFO method. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute the gross profit for FIFO method and LIFO method. Sales revenue Less: Cost of goods sold Gross profit FIFO LIFO < Required 2 Required 3 >